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HomeMy WebLinkAboutPR 20895: THE PURCHASE OF THE SABINE HOTEL P. R. NO. 20895 08/05/19 gt RESOLUTION NO. A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A SALE AND PURCHASE AGREEMENT BETWEEN THE CITY OF PORT ARTHUR AND ON BEHALF OF AURORA CAPITAL HOLDINGS, LLC., FOR THE PURCHASE OF THE SABINE HOTEL (600 PROCTER) AND THE ADJACENT SABINE PARKING LOT TRACTS (612, 618, 630, 638 AND 648 PROCTER) WHEREAS, Texas 4L Properties, LP on behalf of Aurora Capital Holdings LLC, has proposed to purchase City owned property being the Sabine Hotel (600 Procter) and the Sabine Parking Lot (612, 618, 630, 638 and 648 Procter); and, WHEREAS, this sale of City owned property is authorized pursuant to Section 272.001(b)(6) of the Texas Local Government Code which applies to the sale of land located in a reinvestment zone designated as provided by law and that the municipality desires to have developed under a project plan adopted by the municipality for the zone; and, WHEREAS, pursuant to Ordinance No. 13-10 and Ordinance No. 19-18, the Downtown Tax Increment Reinvestment Zone (TIRZ) Board and the City Council of the City of Port Arthur approved the Downtown Tax Increment Reinvestment Zone (TIRZ)#1 Project Plan and Financing Plan; and, WHEREAS, Texas 4L Properties, LP on behalf of Aurora Capital Holdings LLC, has presented a proposal regarding its plan to redevelop the Sabine Hotel and the adjacent Sabine Hotel parking tracts, which were found by the Downtown TIRZ #1 Board to meet the requirements of its existing Project Plan; and, s.pr20895 WHEREAS, the City Council finds that the redevelopment proposal is in conformity with the requirements of §272.001(b)(6) of the Texas Local Government Code as it pertains to the zone; and WHEREAS, the City Council has determined that it is in the best interest of the citizens of the City of Port Arthur to enter into the Sale and Purchase Agreement in the amount of $400,000 as the sales price of the Sabine Hotel and $60,000 as the sales price of the Sabine Parking Tracts, these costs represent the fair market value as determined by a certified appraisal obtained by the City of Port Arthur in conformity with Section 272.001(b) of the Texas Local Government Code. The proposed agreement is attached hereto in substantially the same form as Exhibit "A". NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR: Section 1. That the facts and opinions in the preamble are true and correct. Section 2. That City Council hereby authorizes the City Manager to enter into a Sale and Purchase Agreement between the City of Port Arthur Aurora Capital Holdings, LLC, in substantially the same form as attached hereto as Exhibit "A". Section 3. That a copy of the caption of this Resolution shall be spread upon the Minutes of the City Council. READ, ADOPTED, AND APPROVED, this day of , 2019 AD, at a Regular Meeting of the City Council of the City of Port Arthur, Texas by the following vote: AYES: s.pr20895 Mayor: Councilmembers: NOES: Thurman "Bill" Bartie, Mayor ATTEST: Sherri Bellard, City Secretary APPROVE AS TO FORM: Valecia R. Tizen©, City Attorney APPROVED FOR ADMINISTRATION: Ronald Burton, Interim City Manager s.pr20895 EXHIBIT "A" WILL BE PRESENTED AT OR BEFORE THE CITY COUNCIL MEETING s.pr20895